Trump tariff landed, what do you think later? In the early morning, Trump's tariff plan was finally announced, which was basically the strongest hard version expected before (the benchmark tariff rate was relatively low at the beginning) 1. Key points of tariff policy: 1) 50 countries and regions around the world implement varying degrees of tariff reciprocity policies, with a benchmark tax rate of 10%. However, the additional tariffs imposed on each country are basically half of the import tariff rate imposed on the United States by the other party. The global automobile tariff is levied at 25%. 2) Other reciprocal tariff policies do not take immediate effect and will ultimately take effect on April 5th, providing a certain opportunity for negotiation. 3) Trump still emphasized the vision of revitalizing American industry and returning high-end industries such as shipbuilding, aircraft and chips to the United States. Emphasizing the increased investment of large multinational corporations in the United States, and once again advocating for multinational companies to set up in the United States will avoid higher tariffs, with the core still being to stimulate industrial return. 2. How do you view tariff policies? 1) Firstly, as previously discussed, in addition to automobile tariffs, reciprocal tariffs do not come into effect immediately, and there is still room for negotiation before they take effect on April 5th. The focus here is on how China, the European Union, and Japan and South Korea will react. Will China retaliate fiercely? The European Commission also mentioned before that measures should be discussed after Trump's tariff policy was announced. I didn't mention Moja today, it should have been treated separately. It further confirmed Trump's conjecture that Mexico and Canada should build a stronghold of the North American Customs Union together. https://((x.com))/qinbafrank/status/1898942520043950344? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) Yesterday, Finance Minister Besant told members of Congress that the tariffs announced on Wednesday were the highest level and countries could take measures to reduce them. Obviously, if everyone comes to negotiate and actively reduces and cooperates, then the tariffs on you are likely to decrease. Yesterday, the Mexican President expressed that he would not implement tit for tat measures. Previously, Israel, Thailand, and Vietnam announced plans to reduce import tariffs on lanterns. https://((x.com))/qinbafrank/status/1907449857318772931? s=46&t=k6rimWsEbo2D2tXolYcM-A From this perspective, it seems that if other countries reduce tariffs, they should decrease further. 3. How do you see the future market? The implementation of tariffs today can be seen as the strongest version expected before. Previously, when we talked about the implementation of the strongest version, the market should use these policy figures to anticipate the worst-case scenario of pricing, which would have a huge impact on the market. The current sharp decline in US stock index futures and the significant drop in the big pie are all measures to price this worst-case scenario, but the pricing may not be in place yet. Waiting for clearance and waiting for good news to come after clearance. Looking at it from a different perspective, the days from today to the 5th are likely to be the peak of recent uncertainty, and the worst-case scenario has already emerged. Afterwards, countries will compete with the United States, and any good progress will boost market confidence.